In an agreement announced earlier today, NEVS confirmed they acquired the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB.

In an agreement announced earlier today, NEVS confirmed they acquired the "main assets" of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. The consortium scooped up the remains of the automaker for an undisclosed price, but was unable - or unwilling - to obtain the intellectual property rights for the Saab 9-5 which are held by General Motors.

Regardless, the company will start a new "automobile venture" which is exclusively dedicated to the development and manufacturing of electric vehicles. NEVS' first model will be based on the Saab 9-3 and is slated to go into production in late 2013 or early 2014.

Later on, the company will introduce an all-new model which features "additional cutting-edge technology from Japan."

NEVS plans to sell the vehicles internationally, but will initially focus on the Chinese market. As National Modern Energy Holdings Ltd's founder, Kai Johan Jiang, explains "The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan."